Homework Answers
1) Potential GDP
Potential GDP, also known as full-employment GDP, is the maximum quantity that an economy can produce given the full employment of its work force.
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Alter 1 Hc What term is used to describe the maximum quantity that an economy can...
Consider the following schedule to find where the equilibrium occur. Where does real GDP supplied and...
Consider the following schedule to find where the equilibrium occur. Where does real GDP supplied and equilibrium price level occur? Current Price Level Real GDP-quantity demanded per trillion Real GDP-quantity supplied per trillion 785 20.0 13.0 610 17.8 17.8 500 15.5 19.0 478 12.0 21.7
Question 14 1 pts Consider the following schedule to find where the equilibrium occur. Where does...
Question 14 1 pts Consider the following schedule to find where the equilibrium occur. Where does real GDP supplied and equilibrium price level occur? Current Price Level Real GDP-quantity demanded per trillion Real GDP-quantity supplied per trillion 250 210 200 150 28.5 25.0 23.5 20.1 18.7 20.0 23.5 21.2 O The equilibrium point occurs at a price level of 210 and an output level of 25.0. O The equilibrium point occurs at a price level of 200 and an output...
Consider the information in the figure below for a hypothetical economy. What is the multiplier for...
Consider the information in the figure below for a hypothetical economy. What is the multiplier for this economy? Provide your answer rounded to two decimal places. Do not include any symbols, such as "S,""-," "% , " or ", in your answer. Expenditures and Output 14 13 12 apuada auda thy Consider the information in the figure below for a hypothetical economy. What is the marginal propensity to consume (MPC)? Provide your answer as a percentage rounded to two decimal...
This Question: 1 pt 5 of 12 (1 complete) This Test: 12 pts poss The table...
This Question: 1 pt 5 of 12 (1 complete) This Test: 12 pts poss The table shows aggregate demand and short-run aggregate supply in Japan. Potential GDP is 600 trilion yen. Price level (GDP price index) 1401 Price level (GDP price index) 75 105 135 Real GDP demanded Real GDP supplied trillions of 2005 yen) 600 450 300 400 550 700 Use the data to draw the aggregate demand curve and the aggregate supply curve. Label the curves. Draw the...
answer only part c. so The hypothetical information in the following table shows what the situation...
answer only part c.
so The hypothetical information in the following table shows what the situation will be in 2017 if Congress and the President do not use fiscal policy: Year 2016 2017 Potential GDP 17.8 trillion $18.2 trillion Price Level 113-7 115.9 Real GDP $17.8 trillion $17.8 trillion so a. If Congress and the president want to keep real GDP at its potential level in 2017, should they use an expansionary policy or a contractionary policy? In your so...
10.3 Extra Problem 1 Question Help Price level (GDP deflator, 2009=100) The Bureau of Economic Analysis...
10.3 Extra Problem 1 Question Help Price level (GDP deflator, 2009=100) The Bureau of Economic Analysis reported that real GDP during the second quarter of 2007 was $11.5 trillion and the GDP deflator was 120. The Congressional Budget Office estimated potential GDP to be $11.6 trillion in 2007 For the year 2007, draw: 1) the long-run aggregate supply curve 2) the aggregate demand curve 3) the short-run aggregate supply curve. Make the curves consistent with the numbers above and label...
1.) Suppose that Nominal GDP and velocity in Freedonia are $15 trillion and 3 respectively. -What is the quantity of money in Freedonia? -If the quantity of money increases to $10 trillion, what is th...
1.) Suppose that Nominal GDP and velocity in Freedonia are $15 trillion and 3 respectively. -What is the quantity of money in Freedonia? -If the quantity of money increases to $10 trillion, what is the value of nominal GDP required to maintain the equilibrium of the equation of exchange? 2.)Suppose in Freedonia that the following information is available: (Fixed) Aggregate Output = $15 trillion; (Fixed) velocity = 3 and quantity of Money = $5 trillion. What the value of the...
The graph shows the economy in long-run equilibrium Then the world economy expands and the demand...
The graph shows the economy in long-run equilibrium Then the world economy expands and the demand for U.S.-produced goods increases Price level (GDP deflator, 2009-100) 14 Draw a curve that shows 1) the effect of increased demand for U.S.-produced goods. Label it 1 2) the effect of a rising money wage rate that returns the economy to full employment. Label it 2. Draw a point at the new long-run equilibrium 13 SAS 12 An economy is in a long-run equilibrium....
The full employment output level is the maximum amount of output that the economy can produce...
The full employment output level is the maximum amount of output that the economy can produce when all its resources are fully employed, or its potential output level. The intersection of AD = AS and the vertical line are the same. This intersection of all three curves is the potential real GDP and the natural rate of unemployment. True False An inflationary gap exists when the macro economy is in equilibrium at more than the potential output of the economy...
Assume that the potential GDP of the economy of Arlon is $1,500, and that the aggregate...
Assume that the potential GDP of the economy of Arlon is $1,500, and that the aggregate demand and aggregate supply are as shown in the following table. Aggregate Quantity Demanded 1 $1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 Aggregate Quantity Price Index Aggregate Quantity Demanded 2 Supplied $1,100 1971,200 1 98 1,300 991 ,400 100 1,500 101 1,600 102 1,700 103 1,800 104 1,900 105 2,000 a. The value of equilibrium real GDP ISO and the price...
Question 14 1 pts Consider the following schedule to find where the equilibrium occur. Where does real GDP supplied and equilibrium price level occur? Current Price Level Real GDP-quantity demanded per trillion Real GDP-quantity supplied per trillion 250 210 200 150 28.5 25.0 23.5 20.1 18.7 20.0 23.5 21.2 O The equilibrium point occurs at a price level of 210 and an output level of 25.0. O The equilibrium point occurs at a price level of 200 and an output...
Consider the information in the figure below for a hypothetical economy. What is the multiplier for this economy? Provide your answer rounded to two decimal places. Do not include any symbols, such as "S,""-," "% , " or ", in your answer. Expenditures and Output 14 13 12 apuada auda thy Consider the information in the figure below for a hypothetical economy. What is the marginal propensity to consume (MPC)? Provide your answer as a percentage rounded to two decimal...
This Question: 1 pt 5 of 12 (1 complete) This Test: 12 pts poss The table shows aggregate demand and short-run aggregate supply in Japan. Potential GDP is 600 trilion yen. Price level (GDP price index) 1401 Price level (GDP price index) 75 105 135 Real GDP demanded Real GDP supplied trillions of 2005 yen) 600 450 300 400 550 700 Use the data to draw the aggregate demand curve and the aggregate supply curve. Label the curves. Draw the...
answer only part c.
so The hypothetical information in the following table shows what the situation will be in 2017 if Congress and the President do not use fiscal policy: Year 2016 2017 Potential GDP 17.8 trillion $18.2 trillion Price Level 113-7 115.9 Real GDP $17.8 trillion $17.8 trillion so a. If Congress and the president want to keep real GDP at its potential level in 2017, should they use an expansionary policy or a contractionary policy? In your so...
10.3 Extra Problem 1 Question Help Price level (GDP deflator, 2009=100) The Bureau of Economic Analysis reported that real GDP during the second quarter of 2007 was $11.5 trillion and the GDP deflator was 120. The Congressional Budget Office estimated potential GDP to be $11.6 trillion in 2007 For the year 2007, draw: 1) the long-run aggregate supply curve 2) the aggregate demand curve 3) the short-run aggregate supply curve. Make the curves consistent with the numbers above and label...
The graph shows the economy in long-run equilibrium Then the world economy expands and the demand for U.S.-produced goods increases Price level (GDP deflator, 2009-100) 14 Draw a curve that shows 1) the effect of increased demand for U.S.-produced goods. Label it 1 2) the effect of a rising money wage rate that returns the economy to full employment. Label it 2. Draw a point at the new long-run equilibrium 13 SAS 12 An economy is in a long-run equilibrium....
Assume that the potential GDP of the economy of Arlon is $1,500, and that the aggregate demand and aggregate supply are as shown in the following table. Aggregate Quantity Demanded 1 $1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 Aggregate Quantity Price Index Aggregate Quantity Demanded 2 Supplied $1,100 1971,200 1 98 1,300 991 ,400 100 1,500 101 1,600 102 1,700 103 1,800 104 1,900 105 2,000 a. The value of equilibrium real GDP ISO and the price...
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